Retirement Planning Advice
he earlier you start preparing for retirement, the more options you have to set a course that suits you.
The next thing to do is to sort out your finances. Work out how much money you have now, how much you might have in the future and where it is coming from.
Get on top of your finances by finding out:
What assets (house, savings, investments) you have and how much they are worth
How much super you have and when you can access it
When you can apply for the age pension and whether you are likely to be eligible also for For small-business owners, it’s not that they don’t want to save for retirement outside of their businesses. Their priority is to plow earnings back into the business to keep it growing, so they rarely pay themselves a big salary.
“If you are a small-business owner, much of your wealth is trapped in your business. The problem is in order to diversify that wealth, you have to remove that wealth from the business, and, in essence, remove some of the lifeblood from the business,” Deeds says. “Taking money out impinges on growth prospects and it can make it hard to maintain the business.”
Retirement Savings Tips for Business Owners
1.Run your numbers
2. Consider hiring a financial adviser to jump start with retirement plan consultants and help you focus
3. Start a diversified retirement plan.
4. Keep it simple